FSD Pharma Inc. (NASDAQ:HUGE) Short Interest Down 6.5% in May

FSD Pharma Inc. (NASDAQ:HUGE) was the recipient of a large decline in short interest in the month of May. As of May 31st, there was short interest totalling 292,100 shares, a decline of 6.5% from the May 15th total of 312,300 shares. Based on an average daily volume of 386,200 shares, the short-interest ratio is presently 0.8 days. Currently, 0.8% of the shares of the company are short sold.

FSD Pharma Trading Down 5.7 %

FSD Pharma stock opened at $0.20 on Wednesday. The stock has a 50-day moving average price of $0.36 and a two-hundred day moving average price of $0.68. FSD Pharma has a 12 month low of $0.19 and a 12 month high of $1.68. The company has a market capitalization of $7.94 million, a PE ratio of -0.76 and a beta of 0.66.

FSD Pharma (NASDAQ:HUGE) last issued its quarterly earnings results on Tuesday, May 14th. The company reported ($0.05) earnings per share for the quarter, meeting the consensus estimate of ($0.05). As a group, analysts predict that FSD Pharma will post -0.22 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, Singular Research reissued a “buy-venture” rating on shares of FSD Pharma in a research note on Tuesday, May 7th.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in FSD Pharma stock. AdvisorShares Investments LLC raised its stake in shares of FSD Pharma Inc. (NASDAQ:HUGE) by 14.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 270,316 shares of the company’s stock after acquiring an additional 34,679 shares during the period. AdvisorShares Investments LLC owned about 0.69% of FSD Pharma worth $249,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 1.24% of the company’s stock.

About FSD Pharma

FSD Pharma Inc, a biotechnology company, operates in the pharmaceutical research and development business. Its lead candidate is FSD-201, an ultra-micronized palmitoylethanolamide for the treatment of inflammatory diseases. The company is also involved in the research and development of Lucid-Psych, a molecular compound identified for the treatment of mental health disorders; and Lucid-MS, a molecular compound identified for the treatment of neurodegenerative disorders.